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andy1969 May 26, 2010 11:18am | Post# 22861

1 Attachment(s)
Short on EU @1.2244
SL @1.2323 (now trailing stop @1.2225)
TP @1.2155

I took this because of TC signal on MACD and 8-21 pullback after new home sales news.
Any Comments/Advices to consider not to take this one ? I didnt' like the higher low on may 25, but it seemed a good signal.

Thanks,
Andy
Click to Enlarge

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Size: 100 KB

ashes May 26, 2010 11:37am | Post# 22862

Short on EU @1.2244
SL @1.2323 (now trailing stop @1.2225)
TP @1.2155

I took this because of TC signal on MACD and 8-21 pullback after new home sales news.
Any Comments/Advices to consider not to take this one ? I didnt' like the higher low on may 25, but it seemed a good signal.

Thanks,
Andy
since I took a simmilar trade due to the same reasons I think it was worth entering. the only difference is that i entered at candle close 14:00gmt @1,2261. right now it is the question whether the price will make it through 1,2200 and the trendline that connects 19th to 25th may lows. make sure you're be and/or the trade has enough breathing space to struggle around those two supports.
Regards

marmarestan May 26, 2010 1:52pm | Post# 22863

hi every bodyi
i got interested in H4macd strategy and i fully studied all 13 lessons made by dear phillip nell but i have some qs;
1- what other confirmation exept macd signal shoud we see befor entry in this strategy? i actually mean what is the action of these 5 moving averages? what do they show us?
tnx in advance

ashes May 26, 2010 4:48pm | Post# 22864

hi every bodyi
i got interested in H4macd strategy and i fully studied all 13 lessons made by dear phillip nell but i have some qs;
1- what other confirmation exept macd signal shoud we see befor entry in this strategy? i actually mean what is the action of these 5 moving averages? what do they show us?
tnx in advance
hi, emphasis is market rhythm, thats what the moving averages are for. macd signals are secondary and used as confirmation. check Philips chart and audiofile about marketrhythm posted march 2008.
Regards

marmarestan May 26, 2010 6:47pm | Post# 22865

q2
 
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance

davidwu61 May 26, 2010 8:21pm | Post# 22866

hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
I remembered it is, if you trade in H4 time frame, 50 pips sl (unless you see strong support in between) and the target is the next major MA or trend line mentioned by the system.

March2011 May 27, 2010 12:29am | Post# 22867

hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
Hi, I would like to share the method I use for SL.

-I always put the SL above/below the signal candle (by 1 pip + spread), the entry is at the break of signal candle (1pip + spread). Then I can calculate the pips number for SL.

-Calculate the risk amount (account US$1,000, then the risk amount is 30$ if you risk 3% for each trade), then calculate the lot size (if the pips number for SL is 100 pips (1 pip = 1$ for mini account) then your lot size is 30$/100 = 0.3 lot)

-At each trade recalculate accordingly to the account.

I personally donít think putting SL at a fix number (like 50 pips) make sense, SL should be put at the point where price can prove you wrong.

For TP, I'm still struggling with that, I think the best way to get out of a trade is by a trailing stop, I am doing an research to move SL to above/below each significant candle move. Currently I get out at 1:1 or more if I see the market is strong.

Hope that helps. My English is not good so pls ask again if you donít understand.

I am here to learn to so welcome comments.

ashes May 27, 2010 2:06am | Post# 22868

hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
http://www.forexfactory.com/showpost...ostcount=13037
here is Phillips post about market rhythm. as for the sl, I usually set it for shorts above the previous high, at least above the 21ema. tp is fixed 1:1 but I sometimes alter it according to anticipations, support/resistance levels so as trendlines, moving averages etc.

bshadroo May 27, 2010 3:12am | Post# 22869

hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
i think u can find everything u need in page 1 of this thread .

davidwu61 May 27, 2010 3:25am | Post# 22870

i think u can find everything u need in page 1 of this thread .
I agree.
Newcommer should start with reading through the pdf files.

But just for this time.

http://www.forexfactory.com/showpost...postcount=4348

davidwu61 May 27, 2010 3:55am | Post# 22871

1 Attachment(s)
For new traders,

The system is about trend following and momentum.

It is important to make sure there is enough momentum, regardless what the MACD or MA tells you, before entering a trade.

ADX is a good indicator for this purpose.

The blue shadowed areas in the chart below are not good for trading, noted that the ADX signal lines, associated with these areas, tangle together under level 25.

Click to Enlarge

Name: chart.gif
Size: 60 KB

ashes May 27, 2010 5:08am | Post# 22872

1 Attachment(s)
risking short eu at candle close @1,2253, r=100=sl

price has spiked through 8/21ema but closed below 21 on 8. the 100 pip sl should give enough space to gain downsidemomentum and break the actual support. however, i will go be on support zone and watch how momentum develops in case of a break to place tp accordingly

edit:
price has reached +0,5r, sl set to -0,5r

edit: sl hit
Click to Enlarge

Name: eu 4h 27.5.10.gif
Size: 13 KB

smikester May 27, 2010 6:01am | Post# 22873

So, you bought just under resistance and were lucky to get a profit. When you see this close an H4 bar above that level, with little or no upper wick, would you go long?
I would be tempted to take a long off cable here at 1.4575

andy1969 May 27, 2010 6:33am | Post# 22874

risking short eu at candle close @1,2253, r=100=sl

price has spiked through 8/21ema but closed below 21 on 8. the 100 pip sl should give enough space to gain downsidemomentum and break the actual support. however, i will go be on support zone and watch how momentum develops in case of a break to place tp accordingly
My previous trade was ok, but this one I don't feel confident for the macd divergence and the (strong ?) support @1.2144. I don't know if I'm on the right way... I'll wait

cheers,
Andy

lukis May 27, 2010 5:25pm | Post# 22875

For new traders,

The system is about trend following and momentum.

It is important to make sure there is enough momentum, regardless what the MACD or MA tells you, before entering a trade.

ADX is a good indicator for this purpose.

The blue shadowed areas in the chart below are not good for trading, noted that the ADX signal lines, associated with these areas, tangle together under level 25.

Attachment 481170
Hi,
You mean follow ADX on H1 chart? isn't it to weak to show trend on that level?
Besides I think one can follow MACD, small levels <30 on H4 are not for new traders as I have learned from Phillip.

Any comments welcome
Take care.


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